Fed officials’ comments can amplify crypto sensitivity to macro rates; markets now react more quickly to rate-path signals. Short-term, hawkish tones hurt risk assets including crypto; dovish signals boost flows. Over the next [timeframe], crypto’s correlation with rates will guide directional moves and volatility regimes.
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Crypto and equities increasingly move together as risk assets. A bullish stock market boosts crypto demand, while sell-offs trigger outflows. Over the next 6 months, correlation may remain high amid uncertain global growth.
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The formation of the US "federal + state" two - tier Bitcoin reserve system has a demonstration effect on the global sovereign crypto - asset allocation. It shows that sovereigns can consider including crypto assets in their reserve systems. This may prompt other countries to re - evaluate the value of Bitcoin, and encourage them to explore reasonable ways of allocating crypto assets under the premise of compliance.
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